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How CX maturity benchmarking works

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Accomplish CX Maturity Assessment

As asset managers lay their plans to exploit client experience (CX) and check their progress against the moving target of their peers, we continue to see demand for the CX Maturity Benchmark that has grown to include over 20 firms since 2019 when a working group from the Asset Management CX Forum built it.

Because of this interest, we wanted to take this opportunity to answer one of the most common requests we receive, which is for an explanation of how CX maturity benchmarking works.

This article adds to other information we have published about what CX maturity is and why it matters, the most common use cases for the CX Maturity Benchmark, as well as how the CX Forum used the benchmark to identify the relationship between firms’ CX maturity and their ability to respond to how Covid-19 changed clients’ needs

How CX maturity benchmarking works

Step 1: CX maturity assessment

Accomplish bases its assessment of your firm’s CX maturity on information gathered from a representative sample of stakeholders from across your organisation.

To make this possible, you will help us engage key individuals from your firm’s marketing, sales, client services, business management, and CX functions. We prefer individual sessions to avoid groupthink, but we have developed ways to protect against this when it is appropriate for a group to contribute ‘as one’.

The 60-minute sessions begin with a refresher on the fundamentals of CX – what it is, why now for asset managers, and how it works (at the individual and the corporate levels). This common language and understanding of CX helps your organisation move ‘as one’ across internal boundaries.

 

Next, stakeholders perform ‘instinctive’ self-assessments of their company’s CX maturity profile using high-level definitions of what the different stages of maturity look like for each building block of CX.

We then explore each building block in detail to gather the evidence we need to perform our assessment, to support or challenge stakeholders’ self-assessments, and to normalise your firm’s ‘score’ against all others in the dataset.

Using ‘CX strategy’ as an example, has the firm defined what ‘client experience’ means to it, what it aims to achieve from CX, and why this is important to its overall business strategy? Is it clear how the organisation will achieve its objective for CX? Is the strategy supported by sufficient and appropriate resources and capabilities? And what has changed as a result of the strategy?

All the definitions in the benchmark are clear, practical, and written in plain English. The process’ non-contentiousness protects the assessment’s independence, and its transparent and collaborative nature ensures ‘no surprises’ for the participants.

Step 2: CX maturity profile session

Accomplish then takes, on average, one week to analyse your firm’s CX maturity profile and develop your customised report.

The report will articulate the strength of your firm’s CX capability, and how you compare to your direct peers. You will learn which issues you face are firm-specific, and which are industry-wide. The distinction is important because we are solving the industry-wide ones through the Asset Management CX Forum.

Crucially, you will receive customised and recommendations for your CX strategy based on your starting position, ambition, and sphere of influence. We will lay out the tasks needed to address any issues you face, and help you leverage lessons you can learn from others (anonymously) about the likely opportunities and challenges ahead. This is important because the firms with a clear strategy dominate the leader board of CX maturity.

We will discuss this first with the project sponsor, and then present it to any other stakeholder groups.

With independent recommendations derived from balanced inputs to an informative, methodical, and industry-accepted process our clients tell us they find it easy to galvanise support for translating them into action.

Step 3: CX Forum membership

Your firm now gains free ongoing membership of the Asset Management CX Forum that forms the heart of the industry’s international CX community.

Ongoing membership means the CX Maturity Assessment is just the start of your journey into CX. Your colleagues and you will join dozens of minds from dozens of asset managers as we solve industry-wide issues together, develop ground-breaking techniques, and amplify and sustain your message to your organisation about the importance of CX.

CX is in its infancy in the B2B asset management industry, so the more organised and knowledgeable you are as a CX community, the greater your bargaining power over suppliers, and the more discerning you can be. The CX Forum is Accomplish’s gift to the industry, and it produces higher quality solutions for less time and effort than if a firm was to act alone.

Independent. Collaborative. Balanced.

We hope you found this explanation of how CX maturity benchmarking works useful and that it inspires you to act.

If so, a good next step is to e-mail us for more information, a demo, and a discussion of example outputs.

Adam Grainger

Adam Grainger

Asset management CX specialist. 20-year career in the investment industry – from Transformation Director roles, to regional COO positions.